Shadowfax IPO: Flipkart backed issue opens on Jan 20, check the price band, financials and more

Synopsis: Shadowfax Technologies has set its IPO price band at ₹118–124 per share for its ₹1,907 crore public offering, which includes a ₹1,000 crore fresh issue and a ₹907 crore offer-for-sale (OFS). In this article, let’s explore their marquee investors, the objective of the issue, financials, and market share.

The IPO fever in India’s markets has been heating up, with investors eagerly tracking public listings from fast-growing delivery and logistics companies like Meesho, Delhivery, and others that were recently listed. Followingly Shadowfax Technologies has come up with an IPO with a a book build issue of Rs. 1,907.27 crores. The issue is a combination of fresh issue of 8.06 crore shares aggregating to Rs. 1,000.00 crores and offer for sale of 7.32 crore shares aggregating to Rs. 907.27 crores.

Shadowfax Technologies IPO opens for subscription on January 20, 2026 and closes on January 22, 2026. The allotment for the Shadowfax Technologies IPO is expected to be finalised on January 23, 2026. Shadowfax Technologies IPO will list on BSE, NSE, with a tentative listing date fixed as Jan 28, 2026.

Price Band Details & Marquee Investors

Logistics and delivery startup Shadowfax Technologies on Wednesday set the price band for its forthcoming initial public offering (IPO) at Rs. 118–124 per equity share, each with a face value of Rs. 10. The IPO is backed by marquee investors, including Flipkart, Eight Roads Ventures, Qualcomm Asia Pacific, Nokia Growth Partners, and Mirae Asset. 

The lot size for an application is 120 shares, with the minimum investment required for a retail investor being Rs. 14,880 (120 shares, based on the upper price). For sNII, the lot size investment is 14 lots (1,680 shares), totalling Rs. 2,08,320, while for bHII, it is 68 lots (8,160 shares), amounting to Rs. 10,11,840.

Shadowfax Technologies

Shadowfax Technologies Ltd was incorporated in June 2016, is a logistics solution provider company in India. The company offers e-commerce express parcel delivery and a suite of value-added offerings.

Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through Shadowfax’s Flash app. The company’s nationwide logistics network includes 4,299 touchpoints across first- and last-mile centres and sort centres as of September 30, 2025, serving 14,758 pin codes. It is supported by over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft, for shipment consolidation, sorting, and dispatch.

The company leases its logistics facilities and linehaul, owning automation and machinery for control. It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network. As of September 30, 2025, the company’s platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.

The company’s clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. This makes them the only large-scale provider for last-mile and end-to-end e-commerce delivery, as well as quick commerce, food delivery, and hyperlocal services.

Objective of the Issue

The company intends to utilize the net proceeds from the IPO primarily to strengthen its network infrastructure, with Rs. 423.43 crore allocated for capital expenditure. Additionally, Rs. 138.64 crore will be used to fund lease payments for new first-mile centers, last-mile centers, and sort centers.

While Rs. 88.57 crore is earmarked for branding, marketing, and communication initiatives. The remaining funds will be used for potential inorganic acquisitions and general corporate purposes.

Financials

In the first half of FY26, Shadowfax reported total income of Rs. 1,800 crore, reflecting a 68% year-on-year growth. For the full FY25, the company’s revenue stood at Rs. 2,485 crore. It turned profitable in FY25 by making Rs. 6.06 Crores from a loss of Rs. 142.64 Crores and Rs. 11.88 Crores in FY23 & 24, and as of H1FY26, it made Rs. 21.04 Crores.

The e-commerce express parcel segment, which remains its largest revenue driver, contributed roughly 70% of total revenue, while hyperlocal and quick commerce logistics made up the remaining 20%.

Data from Redseer indicates that Shadowfax’s market share in the express parcel segment increased to approximately 21% in Q1 FY26, up from 8% in FY22, highlighting its growing presence in India’s rapidly evolving logistics industry.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Shadowfax IPO: Flipkart backed issue opens on Jan 20, check the price band, financials and more appeared first on Trade Brains.